After Bitcoin fell below $80k, everyone in the market is asking: Has the bull market ended?

Every time BTC drops, the market follows a fixed process:
Step 1: "Buy the dip!"
Step 2: "It's okay to fall a little more."
Step 3: "Brothers, I'm going to sleep first."
Last night, after Bitcoin dropped below $80k, many people suddenly realized that this decline is different from previous ones. Because behind it, there are not only the Federal Reserve but also Middle Eastern risks.
The US and Iran were originally sending "negotiation signals," but then the US military suddenly launched interception and counterattacks in the Strait of Hormuz, causing market sentiment to flip instantly.
What do capital markets hate the most?
It's not bad news, but the feeling that "things could get worse at any moment."
So, US stocks retreated from high levels, crude oil experienced wild fluctuations, and BTC was sold off by funds as a "high-risk asset."
But here’s the question: Has the bull market truly ended?
Currently, it’s still far from that.
The reason is simple—ETF fund outflows have not occurred on a large scale, and institutional holdings have not collapsed significantly. This indicates that large funds are more in risk aversion rather than outright bearishness.
The real key is tonight’s non-farm payroll data.
If the data is weak, the Fed’s rate cut expectations will reignite, and market sentiment could reverse directly. It’s not impossible for BTC to retake $80k.
But if the non-farm payroll continues to be strong, the Fed might continue to "talk tough," and the market will worry that high interest rates will last longer.
At that point, BTC will face very short-term pressure.
Many people now want to predict the direction, but what’s more important is to watch the attitude of funds.
Because the market has never been "news-driven," but "expectation-driven."
Yesterday, everyone was still hoping for peace; today, they are worried about escalating conflicts.
The biggest truth on Wall Street is this:
Good news being realized can be bad, and bad news landing can actually be good. #Gate广场五月交易分享